Rosneft to invest $11 billion in refining business

Russia’s Rosneft is planning to invest 340 billion ruble (US$11.18 billion) to develop its refining and petrochemicals business through 2015. Of the total amount, Rosneft will invest 30 billion ruble (US$986.78 million) in the 385,176 barrel per day (bpd) Angarsk refinery and petrochemical plant in Russia’s Siberian Federal District through 2013. In addition, Rosneft plans to invest up to 14 billion ruble (US$460.50 million) to modernize the Novokuibyshevsk lubricants plant in the next four years. (October 29, 2010)